Greatest Product

posted in: Business Strategy | 0

What is the greatest industrial product of 2014? How about the greatest product since 2000 in use today, and still great?

Can there even be a product that lasts forever and is always great? It’s like asking for an investment that pays high dividends, while it grows in value, tax-free and is also guaranteed. No such thing. But what are the possibilities that the greatest product exists? Let’s see. There are seven steps to building a foundation for it.

Future of industrial sales
The selling process of industrial equipment is very different from buying a consumer product. It’s more complicated than buying a well defined and understood object, such as a car, a flashlight or sporting goods. However, the first step is always the same. It all starts with a search and research of the product or the solution. These days nearly all search starts using the web. You can see where it’s going from there.

New products must support both – new and old industries
New products must consider remodel jobs and backward compatibility. In a way, new products are the bridge between the old and the revolutionary.

Industrial does not mean boring
In general, most industrial products are not that exciting. But what they can do is where lies the rub. Thinking of a roller-coaster as a large assembly of bearing, guides and pulleys is not that appealing.

Industrial does not mean niche
Successful consumer products do not equate to a successful business. There are many example like this – Polaroid, PalmPilot, what, Krispy Cream? The two main reasons a consumer product is successful is great momentum in marketing, (Krispy Cream), and their awesomeness (Polaroid, PalmPilot). These reasons are temporary in light of disruptive technologies and better branding by competition.

Future of Manufacturing
I have two words here: Collaborative Manufacturing. In other words: manufacturing becomes decentralized. Manufacturers find more efficient ways to fabricate particular components using specialty shops. There is also some arbitrage in labor costs going on. Regardless, manufacturing of a product becomes more of a logistics task rather than better plant management. Ramifications to manufactures: Database development.

Greatest Product
What generates a profit with perpetual growth? No such thing – products or services have a finite life span. OK, forget about growth, how about a profit that lasts forever, a perpetual profit. It’s always there, supplying a steady stream of cash flow to the business. Like petrodollars. Nope, not even petrodollars are perpetual. Actually, today the business theme is more on sustainability than on growth. Consider some data mining startups from Silicon Valley. The focus is on instant domination, rather than growth. Scale fast and large, with sustainability anything but guaranteed. What hardware product can match market domination with resulting sustainability?

Domination of the market no matter how strong, still is not a match to natural life-cycle of a product. So, what’s the greatest product then? We may have an answer. We just can’t let you know it because nobody has introduced it yet. There are three clues, though. It is not software. It is not hardware. It’s something based on the perpetual need of humans to meet that need at that right time. This sets a foundation for the perfect product, which can be anything. It’s the ability to find and deliver what makes any product the perfect one.

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